New Loan = New Savings.

A mortgage refinance replaces your current mortgage with a new one — so you can save money or tap into built up equity.

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Why Refinance?

Refinancing your mortgage means replacing a current home loan with a new one. Homeowners often refinance to save money because there are plenty of ways to do so. For example, people refinance to reduce the interest rate, cut monthly payments or tap into their home equity. Others refinance to pay off the loan faster, get rid of FHA mortgage insurance or switch from an adjustable-rate to a fixed-rate loan.

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The money from a mortgage goes to the home seller. But when you refinance, the new mortgage pays off the balance of the old home loan instead of going to the seller. In order to refinance, you must qualify for a new home loan — just like meeting lending requirements for an original mortgage. You’ll go through a similar process to refinance, too. Filing an application, going through underwriting and closing. You know the deal.

What to Consider When Applying

When you apply for a refinance it’s important for your mortgage lender to understand why you want to refinance. Whether you’re looking to lower your rate, get a shorter term, cash-out, remodel or a number of other reasons. Refinancing can make a big difference in your homeownership journey.

Refinancing Options

There are a lot of options when it comes to refinancing a mortgage — including different types of refinancing. Including different refinancing options for FHA, VA, USDA and Jumbo loans. It’s important to know what type of home loan you already have and what you qualify for.

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Still have questions? Get in touch with one of our experienced mortgage lenders to see if a conventional loan is a good fit for you.

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Mortgage Refinancing FAQs

Cash-out refinance options are typically based on your home’s equity. Contact us for information.

FFB offers a number of refinance options that allow you to roll in all closing costs.

It is possible to close a refinance in as little as 7 business days.

Some loan options no longer require an appraisal. Please contact us today to confirm if an appraisal is required for your lending situation.

Many refinance options require zero cash at closing.

If you were affected by COVID-19 and missed one or more mortgage payments you may still have options. An experienced mortgage lender at FFB will need to evaluate your specific circumstances.

Refinance your mortgage today

No matter the refinancing need, we’re here to help you save money on your mortgage.

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